Thursday, October 4, 2012
Kenco Purchases New Hatfield HQ
Kenco Hydraulics acquired the industrial building at 2280 Amber Dr. in Hatfield, PA from a private investor for $1.55 million, or about $39 per square foot.
The single-story, 40,120-square-foot industrial building is comprised of 13,000 square feet of office space and 27,120 square feet of warehouse space on 2.2 acres. The property is located in the West Montgomery County Industrial submarket.
Kenco previously was running its business out of two buildings a short distance from this property, but decided to consolidate its operations under one roof, while allowing for future expansion.
www.omegare.com
The single-story, 40,120-square-foot industrial building is comprised of 13,000 square feet of office space and 27,120 square feet of warehouse space on 2.2 acres. The property is located in the West Montgomery County Industrial submarket.
Kenco previously was running its business out of two buildings a short distance from this property, but decided to consolidate its operations under one roof, while allowing for future expansion.
www.omegare.com
COPT Pulling Out of Philly; Will Take $46 Million Hit
Saying the properties it owns in the greater Philadelphia region no longer meet its strategic investment criteria, Corporate Office Properties Trust approved a plan by management to shorten the holding period for the office properties and developable land it owns in the area.
The Columbia, MD-based REIT said it has determined that the carrying amounts of the properties will not likely be recovered from the cash flows from the operations and sales of the properties over the likely remaining holding period.
Accordingly, during the three months ending Sept. 30, 2012, COPT will recognize a total non-cash impairment loss of $46 million -- the amount that the carrying values of the properties exceed their respective estimated fair values.
These losses reflect the REIT's expectation that it will spend $25 million to complete its redevelopment and disposition of the properties over the next four years.
COPT's Greater Philadelphia Holdings include:
· 785 Jolly Road in Blue Bell, 219,065-SF office building, 100% occupied, $2,884,072 annualized rental revenue
· 801 Lakeview Drive in Blue Bell, 218,653-SF office building, 99.4% occupied, $5,341,961
· 751 Arbor Way (Hillcrest I) in Blue Bell, PA, 113,291 SF of office space upon redevelopment, 39% occupied, -
· Arborcrest land in Blue Bell, 8 acres, 722,000 developable SF.
www.omegare.com
The Columbia, MD-based REIT said it has determined that the carrying amounts of the properties will not likely be recovered from the cash flows from the operations and sales of the properties over the likely remaining holding period.
Accordingly, during the three months ending Sept. 30, 2012, COPT will recognize a total non-cash impairment loss of $46 million -- the amount that the carrying values of the properties exceed their respective estimated fair values.
These losses reflect the REIT's expectation that it will spend $25 million to complete its redevelopment and disposition of the properties over the next four years.
COPT's Greater Philadelphia Holdings include:
· 785 Jolly Road in Blue Bell, 219,065-SF office building, 100% occupied, $2,884,072 annualized rental revenue
· 801 Lakeview Drive in Blue Bell, 218,653-SF office building, 99.4% occupied, $5,341,961
· 751 Arbor Way (Hillcrest I) in Blue Bell, PA, 113,291 SF of office space upon redevelopment, 39% occupied, -
· Arborcrest land in Blue Bell, 8 acres, 722,000 developable SF.
www.omegare.com
The Waterfront in Allentown Sells for $4.9M
The Waterfront, 26 acres of redevelopment land located at 1 W. Allen St. in Allentown, PA sold for $4.9 million, or about $188,000 per acre.
The land consists of 7 lots on the western bank of the Lehigh River. Currently zoned I-3, the land has industrial buildings which are set to be demolished. Future plans for the riverside development include office, residential, retail, restaurant and hotel properties.
Dunn Twiggar Company LLC, Michael Dunn Company, Ltd. and Jaindl Properties purchased the land from LSS Realty Corporation.
www.omegare.com
The land consists of 7 lots on the western bank of the Lehigh River. Currently zoned I-3, the land has industrial buildings which are set to be demolished. Future plans for the riverside development include office, residential, retail, restaurant and hotel properties.
Dunn Twiggar Company LLC, Michael Dunn Company, Ltd. and Jaindl Properties purchased the land from LSS Realty Corporation.
www.omegare.com
Wednesday, October 3, 2012
2012 U.S. Presidential Election Guide on Commercial Real Estate Issues
This side-by-side comparison of the presidential candidates includes some of the issues most pertinent to the commercial real estate industry. The information collection process was solely through legislative staff research and analysis of the candidates and/or political parties.
Website: https://docs.google.com/file/d/0B3KNtS98ntHPQ3VzaUtncXMxMzg/edit?pli=1
www.omegare.com
Website: https://docs.google.com/file/d/0B3KNtS98ntHPQ3VzaUtncXMxMzg/edit?pli=1
www.omegare.com
Developer gets control of Divine Lorraine Hotel
"A rejuvenation of the defaced Divine Lorraine Hotel on North Broad Street can move forward after title to the property today transferred to developer Eric Blumenfeld.
At the city's monthly Sheriff's sale, Blumenfeld was the sole bidder for the empty hotel at 699 N. Broad Street.
Already active on North Broad Street, Blumenfeld plans to convert the building into rental units with restaurants on the ground level.
Blumenfeld gained control of the site in a two-step process: On Monday he bought for an undisclosed price an outstanding note on the property from the New York-based Amalgamated Bank. By taking title on Tuesday, he will pay off city taxes and other liens. The value of both the mortgage and liens is $8,054,104.39."
Tuesday, October 2, 2012
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